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ARTICLE · 26 MARCH 2024

LLP (Third Amendment) Rules, 2023: Key Highlights

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On October, 27, 2023, the Ministry of Corporate Affairs, had notified the Limited Liability Partnership (Third Amendment) Rules, 2023.

IndiaCorporate/Commercial Law
Rupin Chopra
Rupin Chopra
Apalka Bareja
Apalka Bareja
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On October, 27, 2023, the Ministry of Corporate Affairs, had notified the Limited Liability Partnership (Third Amendment) Rules, 20231. These rules mark a significant milestone in the evolution of Limited Liability regulations in India. These rules mandate the limited liability partnerships (LLPs) to maintain a register of partners, which is similar to the register of members maintained by the companies under the Companies Act, 2013. Additionally, as per the new rules, LLP is required to file a declaration regarding the beneficial interest in any contribution and to designate a partner to provide information to the registrar of companies. These amendments aim to streamline compliance requirements, promote transparency and ensuring that the LLPs remain competitive in the global market by aligning with international standards.

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